asked the Minister for Finance if he will amend section 27 of the Finance Act, 1965, so that gifts already made prior to this Act from parents to children, etc., may be liable only to estate duty within the three year period.
Ceisteanna—Questions. Oral Answers. - Estate Duty.
19.
I cannot see my way to propose the legislation suggested by the Deputy. In this connection he may have overlooked the effect of the relief provided by section 27 of the Finance Act, 1965, in relation to gifts made in the third, fourth and fifth years prior to death. As respects a gift made prior to the passing of the Act by a donor who dies in the third year after making the gift, this relief secures that its value for estate duty purposes is to be reduced by 15 per cent. Under the previous dispensation, such a gift would have been chargeable at its full value.
I overlooked nothing. Would the Parliamentary Secretary not agree that retrospective legislation such as that is un-just?
In his reply the Minister says he cannot see his way to propose legislation of the kind suggested by the Deputy.
Surely the Parliamentary Secretary or the Government does not approve of retrospective legislation?
What I approve of is not relevant to the question.